Using the information found in the case and the previous budgets, complete the Budgeted Income Statement. REMINDER: Make sure every cell is either a formula or a reference to another cell $($or range of cells$).$ The cell references for cost of goods sold are given to you $-$ take time to see where this comes from but do not change it$.$

SWEATS GALORE

Budgeted Income Statement

For the Year Ending December $31,20$X$1$

$\backslash$table$[[$Sales$,],[$Cost of goods sold $*,628,013],[$Gross profit,$],[$Selling and administrative expenses,$],[$Income from operations,$],[$Interest expense,$],[$Income before income taxes,$],[$Income tax expense,$],[$Net income,$],{[}^{**}$ Purchase of shirts $($shirts sold X cost per shirt$),459,000],[$Labor$,67,320],[$Overhead$,101,693],[,628,013]]$